Notice of Changes in Substantial Shareholder's Interests

Name of substantial shareholder : Inscribe Investments Limited

Date of notice to company : 15/7/2002

Date of change of interest : 12/7/2002

Name of registered holder : Inscribe Investments Limited

Circumstance(s) giving rise to the interest : Sales in open market at own discretion

INFORMATION RELATING TO SHARES HELD IN THE NAME OF THE REGISTERED HOLDER :-

No of shares which are the subject of the transaction : 253,500
% of issued share capital : 0.0949

Amount of consideration (excluding brokerage and stamp duties) per share paid or received : S$7.85

No of shares held before the transaction : 23,886,300
% of issued share capital : 8.949

No of shares held after the transaction : 23,632,800
% of issued share capital : 8.8541

HOLDINGS OF SUBSTANTIAL SHAREHOLDER, INCLUDING DIRECT AND DEEMED INTEREST :-

No of shares held before the transaction :
- Deemed : -
- Direct : 23,886,300
% of issued share capital : 8.949

No of shares held after the transaction :
- Deemed : -
- Direct : 23,632,800
% of issued share capital : 8.8541

The percentages represent the proportion of Fraser and Neave Limitedaas share capital at the date hereof (namely $266,913,096).

Submitted by I A MacLean, Director/Company Secretary on 16/7/2002 to the SGX